5.P3 - Halting Emissions on V2 and Migration to Premia Blue

Summary:

This governance proposal outlines the cessation of emissions on the Premia V2 platform on August 31st, 2023 at 23:59 PM UTC unless otherwise specified and agreed upon. The aim is to facilitate the transition to Premia Blue, enhancing protocol sustainability and growth. Additionally, Premia V2 on Ethereum, Fantom, and Arbitrum will be sunsetted, and users will be encouraged to withdraw liquidity and migrate to Premia Blue on Arbitrum.

Details on 5.P3 can be found on the FORUM or GITHUB

Proposal Details:

1) Halting Emissions on V2:

Effective from August 31, 2023 at 23:59 PM UTC, emissions on the Premia V2 platform will cease entirely. This action is intended to encourage users and liquidity providers to transition to Premia Blue, optimizing the community’s efforts and aligning with the latest protocol version. The transition to Premia Blue will enable the protocol to incentivize new features and enhance operational efficiency.

2) Migration to Premia Blue:

All users, liquidity providers, and stakeholders currently utilizing Premia V2 on Ethereum, Fantom, and Arbitrum are strongly encouraged to migrate their activities and assets to Premia Blue on Arbitrum Network. Migration to Premia Blue offers improved features and opportunities, contributing to the growth and advancement of the enhanced version of the protocol.

3) Communication and Awareness:

Comprehensive communication efforts will ensure a seamless transition and keep all stakeholders well-informed. The Premia team will provide clear migration guides and educational materials and conduct community Q&A sessions to address any queries or concerns related to the migration to Premia Blue.

4) Sunsetting of Premia V2 on Ethereum, Fantom, and Arbitrum:

Users are encouraged to withdraw liquidity from Premia V2 instances on Ethereum, Fantom, and Arbitrum. Starting from August 31, 2023 at 23:59 PM UTC, new option quotes and underwriting on Premia V2 will be discontinued. However, open options can still be exercised before or upon expiration.

Implementation Plan:

Snapshot Proposal:

The proposal will be presented to the community on the Snapshot platform, allowing stakeholders to vote and express their support or objection.

Voting Period:

A predetermined voting period (e.g., 7 days) will ensure ample community participation and representation time.

Threshold for Approval:

The proposal requires a minimum approval threshold of 51% of the total voting power applied.

Execution:

Upon receiving the necessary approval, emissions on Premia V2 will halt on August 31, 2023, at 23:59 PM UTC. The team will initiate a comprehensive migration process guiding users to Premia Blue on Arbitrum. Subsequently, Emission rewards will then migrate from V2 Pools to V3 Vaults shortly after that.

Post-Implementation Evaluation:

After the migration to Premia Blue and the cessation of emissions on V2, a post-implementation evaluation will be conducted to assess the changes’ impact and gather community feedback if needed.

Conclusion:

This governance proposal aims to transition the Premia ecosystem from V2 to Premia Blue (V3), enhancing protocol sustainability and growth. By halting emissions on V2 and encouraging a seamless migration to Premia Blue, the protocol can focus its resources on the latest version, ensuring its long-term success and value to the community. However, the claim process for the new options liquidity mining may be delayed (eta middle of September when permissionless pool and referrals go live); the assumption moving forward will be to allow for a seamless transition of liquidity mining accruals starting at the same time of the halt on V2 (August 31, 2023, at 23:59 PM UTC).

References: 

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